Terra Classic Price Analysis: $LUNC Price could Slide 25% if Buyers Loss this Key Support

Terra Classic Price Analysis: Amid the increasing uncertainty in the crypto market, the LUNC price continues to coil and trades in a narrow range. The daily candle has showcased price rejection on both sides indicating the indecisiveness among market participants. However, despite high volatility, the price has followed the formation of a symmetrical triangle pattern in the 4-hour time frame chart.

Also Read: Terra Luna Classic L1TF To Work On USTC Repeg, Community Sees 40% Jump In LUNC Price

LUNC Price Daily Chart:

• The range within the triangle pattern can be represented as a no-trading zone.
• A triangle breakout could trigger a directional move in the LUNC price
• The intraday trading volume of the LUNC coin is $30.8 million, indicating a 23.5% gain.

(Source: Tradingview)

By the press time, the LUNC price trades at $0.000088 with an intraday loss of 2.23%. With today’s drop, the coin price shows a breakdown attempt from the support trendline of the triangle pattern. 

This chart pattern carried the ongoing consolidation in Terra classic coin price for over two weeks. Thus, a breakdown from the support trendline with a 4-hour candle closing will boost supply pressure and could plunge the prices 25% down to hit the lower trendline of the channel pattern near $0.000065.

However, the in-between $0.000082 level stands a strong accumulation zone that could obstruct the potential downfall and offer buyers an opportunity to counterattack. 

Will the LUNC Price Reclaim the $0.0001 Mark?

A less likely yet possible breakout from the resistance trendline of the triangle pattern could offer buyers a strong footing to rise higher. However, the upward trajectory could be capped till the overhead resistance trendline of the channel pattern is located near $0.0001. Therefore, a breakout above this barrier is also needed to trigger sustained growth.

• Moving Average Convergence/Divergence: A potential bearish crossover between the signal(orange) and MACD(blue) line will project a sell sign of interested traders.
• Bollinger Bands: The band of Bollinger band indicators squeezed, accentuates the uncertainty in market sentiment and the need for a breakout to determine future movement.